subject
Business, 20.07.2020 01:01 briannagisellegarcia

In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and understated ending inventory by $10,000. Determine how this error effects each of the following. (a) Year 1 cost of goods sold. Overstates Year 1 cost of goods sold. Understates Year 1 cost of goods sold. None of the above. (b) Year 1 net income. Understates Year 1 net income Overstates Year 1 net income None of the above. (c) Year 2 cost of goods sold. Understates Year 2 cost of goods sold. Overstates Year 2 cost of goods sold. None of the above.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 19:30
Which of the following is an example of the use of fiscal policy by the u.s. government? a. congress makes it illegal for the police union to go on strike. b. the federal reserve bank lowers the interest rate on loans to corporations. c. the department of transportation increases spending on highway repairs. d. the supreme court rules that unions have the right to collective bargaining. 2b2t
Answers: 1
question
Business, 22.06.2019 01:00
Paar corporation bought 100 percent of kimmel, inc., on january 1, 2012. on that date, paar’s equipment (10-year life) has a book value of $420,000 but a fair value of $520,000. kimmel has equipment (10-year life) with a book value of $272,000 but a fair value of $400,000. paar uses the equity method to record its investment in kimmel. on december 31, 2014, paar has equipment with a book value of $294,000 but a fair value of $445,200. kimmel has equipment with a book value of $190,400 but a fair value of $357,000. the consolidated balance for the equipment account as of december 31, 2014 is $574,000. what would be the impact on consolidated balance for the equipment account as of december 31, 2014 if the parent had applied the initial value method rather than the equity method? the balance in the consolidated equipment account cannot be determined for the initial value method using the information given. the consolidated equipment account would have a higher reported balance. the consolidated equipment account would have a lower reported balance. no effect: the method the parent uses is for internal reporting purposes only and has no impact on consolidated totals.
Answers: 2
question
Business, 22.06.2019 09:40
Salt corporation's contribution margin ratio is 78% and its fixed monthly expenses are $30,000. assume that the company's sales for may are expected to be $89,000. required: estimate the company's net operating income for may, assuming that the fixed monthly expenses do not change.
Answers: 1
question
Business, 22.06.2019 20:30
Considered alone, which of the following would increase a company's current ratio? a. an increase in net fixed assets.b. an increase in accrued liabilities.c. an increase in notes payable.d. an increase in accounts receivable.e. an increase in accounts payable.
Answers: 3
You know the right answer?
In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and...
Questions
question
Biology, 15.10.2019 02:30
question
History, 15.10.2019 02:30
question
Social Studies, 15.10.2019 02:30
question
Biology, 15.10.2019 02:30
Questions on the website: 13722367